City Council Minutes 2012 08 07 - Laserfiche WebLink

Home Browse Search

City Council Meeting Minutes August 7, 2012 Page 4 of 18 RESOLUTION No. 45, SERIES 2012 — A RESOLUTION APPROVING A BUSINESS ASSISTANCE AGREEMENT WITH TAKODA PROPERTIES, CREATIVE ENTERPRISES, LLC, AND VARIETY ARTS OF LOUISVILLE FOR THE EXPANSION OF A NON - PROFIT ARTS CENTER AND CREATE NEW RETAIL OPPORTUNITIES AT 2397 HIGHWAY 42 Mayor Muckle requested a staff presentation. Economic Development Director DeJong requested City Council action on a proposed Economic Development Business Assistance Package (BAP) with Takoda Properties, Inc., and Creative Enterprises, LLC, (The Art Underground) to secure the construction of two buildings at 2397 Highway 42 for the expansion of a non - profit arts center and to create new retail opportunities. Staff received the request from Justin McClure of Takoda Properties, Inc., in order to construct two buildings on their property located at 2397 Highway 42. One of the buildings will be constructed by Creative Enterprises, LLC, which will offer dance, theater, music, photography, film and visual arts classes for all ages. The second building scheduled to be approximately 9,000 square feet will be a retail building to attract future retailers to the location. The building will be owned by Takoda Properties and will be leased to new or expanding retailers to the community. The assistance would be funded by 50% rebate on permit fees and construction use tax from the tenant finish of the existing space, as well as a 50% rebate of the City's standard 3% portion of consumer use tax on tangible good purchases. The estimated revenue generated from these projects is $381,000. The approximate rebate will be $138,000. APPLICANT PRESENTATION Lorinda Jones, Director of The Art Underground and President of Creative Enterprises, LLC, reported the building will be 9,200 SF in size, with storage space above. They propose to expand at this facility, to two dance studios, an art room and a 200 -seat theater. At the downtown site, they will maintain an art room and a dance studio. The expanded dance program will go to the new facility. They propose pre - school programs in the moming, senior programs in the aftemoon and after school programs. Mayor Pro Tem Dalton asked if the theater would be available to other theater groups. Ms. Jones confirmed it would. Justin McClure, Takoda Properties, Inc., 950 Spruce Street, Louisville, CO stated The Art Underground expansion will have an incredible impact on the Steel Ranch commercial development and serve as its anchor. The business assistance package deadline date of December 2013 will provide the incentive for the developer to bring in the best retail user to the development. The proposal includes plazas, an art center, and a performance area within the Steel Ranch commercial development.